v3.25.2
Mergers and Acquisitions - Schedule of Preliminary Allocation to Estimated Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
May 30, 2025
Feb. 07, 2025
Nov. 29, 2024
Sep. 06, 2024
Jun. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
May 01, 2023
Business Acquisition [Line Items]                
Goodwill         $ 94,136 $ 60,176 $ 23,932  
Preliminary Purchase Price Allocation                
Business Acquisition [Line Items]                
Cash and restricted cash     $ 9,530 $ 154,312        
Trade receivables     9,864 125,155        
Contract assets       8,675        
Inventory       148,958        
Assets held for sale       1,535        
Prepaid expenses and other current assets       20,023        
Property and equipment, net     16,426 133,690        
Right of use assets - operating     2,392 21,358        
Intangibles, net     75,100          
Deferred tax asset, net       124,634        
Other Long-term assets       5,461        
Total assets     113,312 743,801        
Accounts payable     3,682 48,887        
Accrued expenses     1,656 28,906        
Contract liabilities       14,332        
Operating lease liabilities - current     423 2,080        
Current portion of long-term debt and finance lease obligations     237 595        
Other current liabilities       213        
Long-term debt and finance lease obligations     588 1,645        
Operating lease liabilities - noncurrent     1,969 15,397        
Deferred income taxes     3,168          
Other long-term liabilities       1,814        
Total liabilities     11,723 113,869        
Net assets acquired     101,589 629,932        
Goodwill     36,244          
Gain on bargain purchase       (92,659)        
Total purchase consideration     137,833 537,273        
SCF Machining Corporation                
Business Acquisition [Line Items]                
Cash and restricted cash   $ 308            
Inventory   758            
Prepaid expenses and other current assets   722            
Property and equipment, net   1,305            
Right of use assets - operating   892            
Other Long-term assets   269            
Total assets   4,254            
Accounts payable   671            
Accrued expenses   372            
Operating lease liabilities - current   374            
Operating lease liabilities - noncurrent   518            
Total liabilities   1,935            
Net assets acquired   2,319            
Goodwill   15,402            
Total purchase consideration   $ 17,721            
Citadel Casing Solutions LLC                
Business Acquisition [Line Items]                
Cash and restricted cash $ 3,408              
Trade receivables 13,059              
Inventory 13,238              
Prepaid expenses and other current assets 483              
Property and equipment, net 8,576              
Right of use assets - operating 1,193              
Intangibles, net 23,800              
Other Long-term assets 51              
Total assets 63,808              
Accounts payable 6,111              
Accrued expenses 1,539              
Operating lease liabilities - current 552              
Current portion of long-term debt and finance lease obligations 762              
Other current liabilities 143              
Long-term debt and finance lease obligations 2,623              
Operating lease liabilities - noncurrent 641              
Total liabilities 12,371              
Net assets acquired 51,437              
Goodwill 18,226              
Total purchase consideration $ 69,663              
Dril-Quip, Inc                
Business Acquisition [Line Items]                
Cash and restricted cash       154,312        
Trade receivables       125,155        
Contract assets       8,675        
Inventory       148,958        
Assets held for sale       1,535        
Prepaid expenses and other current assets       20,023        
Property and equipment, net       133,690        
Right of use assets - operating       21,358        
Deferred tax asset, net       117,787        
Other Long-term assets       5,461        
Total assets       736,954        
Accounts payable       48,887        
Accrued expenses       28,906        
Contract liabilities       14,332        
Operating lease liabilities - current       2,080        
Current portion of long-term debt and finance lease obligations       595        
Other current liabilities       213        
Long-term debt and finance lease obligations       1,645        
Operating lease liabilities - noncurrent       15,397        
Other long-term liabilities       1,814        
Total liabilities       113,869        
Net assets acquired       623,085        
Gain on bargain purchase       (85,812)        
Total purchase consideration       537,273        
Dril-Quip, Inc | Measurement Period Adjustments                
Business Acquisition [Line Items]                
Deferred tax asset, net       (6,847)        
Total assets       (6,847)        
Net assets acquired       (6,847)        
Gain on bargain purchase       $ 6,847        
Downhole Well Solutions, LLC                
Business Acquisition [Line Items]                
Cash and restricted cash     9,530          
Trade receivables     9,864          
Indemnification asset     1,775          
Property and equipment, net     16,426          
Right of use assets - operating     2,392          
Intangibles, net     75,100         $ 13,000
Total assets     115,087          
Accounts payable     3,682          
Accrued expenses     1,656          
Operating lease liabilities - current     423          
Current portion of long-term debt and finance lease obligations     237          
Other current liabilities     2,218          
Long-term debt and finance lease obligations     588          
Operating lease liabilities - noncurrent     1,969          
Deferred income taxes     3,168          
Total liabilities     13,941          
Net assets acquired     101,146          
Goodwill     36,687         $ 2,000
Total purchase consideration     137,833          
Downhole Well Solutions, LLC | Measurement Period Adjustments                
Business Acquisition [Line Items]                
Indemnification asset     1,775          
Total assets     1,775          
Other current liabilities     2,218          
Total liabilities     2,218          
Net assets acquired     (443)          
Goodwill     $ 443